NIFTY FUTURE : R1:8999 R2:9020 R3:9055
PIVOT :8963 S1:8942 S2:8907 S3:8886
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| stock future tips |
Among oscillators, the 14 period RSI is inching downwards after exhibiting a minor negative divergence as it failed to make a higher high along with price suggesting waning momentum and points towards an extended round of consolidation going forward. Nifty find support at 8880 and have closed at 85922. The indices continue to remain above the medium term average of 50SMA Nifty – 8725. Thus the trend in the short term, medium term and even the long term timeframe continues to remain upwards. A significant close above 8970 may open the gates for new highes.
INDEX OUTLOOK
NIFTY FUTURE: We have revised the immediate support threshold for the index upwards to 8800 region as it is the confluence of following: Last week’s lows is placed at 8809 region, Bullish gap area formed on February 17, 2017 is placed between 8804 and 8778, Lower boundary of short-term rising channel marking equality with the intermediate corrective phases since December 2016 bottom measuring 135 points is placed around the 8850 region .
NIFTY FUTURE: We have revised the immediate support threshold for the index upwards to 8800 region as it is the confluence of following: Last week’s lows is placed at 8809 region, Bullish gap area formed on February 17, 2017 is placed between 8804 and 8778, Lower boundary of short-term rising channel marking equality with the intermediate corrective phases since December 2016 bottom measuring 135 points is placed around the 8850 region .
STRATEGY: Buy Nifty Future near 8890 for the target of 8940-8900 with the stop loss of 8850.
SECTORIAL INDICES
CORPORATE NEWS
- The Delhi Government, in its budget, decided to cut jet fuel tax rate to 1% from the 25% level. Aviation companies rallied on the news. Jet Airways, Spicejet and Interglobe closed up 2-3%.
- Cadila Healthcare received the final approval from the United States Food & Drug Administration (USFDA) to market Tizanidine Hydrochloride Capsules. The drug, which is a muscle relaxant, will be produced at the special economic zone (SEZ) facility located at Ahmedabad. The estimated annual sales for the capsules are $58.60 million. Stock closed up 1.6%.
- Unichem Laboratories received ANDA approval from the USFDA for Rizatriptan Benzoate Tablets, which are indicated for the treatment of migraine in adults and in pediatric patients of 6 to 17 years of age. The product will be commercialized from the Goa plant.
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